Arab Insurance Group to launch reinsurance subsidiary under license from the DFSA.
The reinsurance subsidiary will focus primarily on facultative specialty lines, with underwriting authority from the Arab Insurance Group (Arig).
The company also appointed Jehan Dias as senior executive officer of the new company. Mr. Dias, a Swiss national with more than 14 years in reinsurance, previously served as head of facultative at Gulf Re.
Arig CEO Yassir Albaharna said: “The recent upgrade in our rating along with our physical presence in the Dubai International Financial Center will reinforce Arig’s position on the facultative side, which is the main target for our expansion.”
Arig, one of the largest Arab-owned reinsurance providers in the MEA region, is listed on the stock exchanges in Bahrain and Dubai. Its subsidiaries include Takaful Re, Gulf Warranties, Arig Capital UK and Arig Insurance Management.